Stock Market Today, March 26: Wave Life Sciences Plunges After High Dose Obesity Drug Data Disappoints
Wave Life Sciences (NASDAQ:WVE), developer of RNA medicines for rare genetic diseases, closed Thursday at $6.20, down 49.59% for the session. The stock sank after disappointing higher-dose WVE-007 obesity data underperformed the lower dose. Trading volume reached 49.9 million shares, coming in about 1,153% above its three-month average of 4 million shares. Wave Life Sciences IPO'd in 2015 and has fallen 61% since going public.
How the markets moved today
The S&P 500 fell 1.76% to 6,476, while the Nasdaq Composite lost 2.38% to finish at 21,408. Within biotechnology, industry peers Ionis Pharmaceuticals closed at $74.24 (+2.12%) and Alnylam Pharmaceuticals ended at $328.16 (-0.16%), underscoring stock-specific trial risk for RNA-focused drug developers.
What this means for investors
Three months after Wave Life Sciences’ stock soared from $7 to $21 on positive data from positive WVE-007 weight loss data, its stock plummeted from $12 to $6 in today’s session after the company delivered an underwhelming update. While data from patients taking a 240 mg dose showed acceptable fat loss after six months, those taking a larger 400 mg dose saw results that didn’t meet the company’s expectations.
This development raises concerns about the treatment efficacy and has the market worried about whether the company can survive in the highly competitive weight-loss industry. Wave’s Chief Medical Officer noted that patients in the 400 mg cohort were much “healthier,” with roughly 30% less visceral fat, suggesting these results could improve further as the company advances to trials with higher-BMI cohorts.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alnylam Pharmaceuticals and Ionis Pharmaceuticals. The Motley Fool has a disclosure policy.
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